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1341  Economy / Currency exchange / Re: USD between MTGOX <--> DWOLLA on: March 27, 2013, 01:41:10 PM
Incidentally, if anyone is looking to cash out their Dwolla USDs without using a bank account, Dwolla funds can be used for purchasing gift cards at 1:1 (e.g., $100 Dwolla USD buys a $100 gift card) through   Gift cards are available from Chevron, Exxon, BP, Walmart, CVS, Home Depot, Lowes, Outback Streakhouse, American Airlines and more.

I've used this and it worked fantastically since there is no requirement that you have a bank account to use Dwolla for this.

Purchase Gift Cards for Merchants in USA BTC+Dwolla+Lyoness=Gift CARDS
1342  Other / Off-topic / Re: LYONESS???? on: March 27, 2013, 01:37:39 PM
Anyone have any ideas as to what this is

It is a merchant loyalty system in which consumers can earn cash back on their purchases.  It does involve multi-level marketing in which commissions are earned by the party that was responsible for signing up each new consumer.

It does have a Bitcoin angle though ... gift cards can be purchased using Dwolla USDs.  So there is a path from Bitcoins -> USDs (at an exchange) to Dwolla -> Lyoness  then purchase a gift card for Chevron, BP, Walmart, and dozens other national brands.

Here's more info:

Purchase Gift Cards for Merchants in USA BTC+Dwolla+Lyoness=Gift CARDS
1343  Economy / Speculation / Re: 1 billion today on: March 27, 2013, 01:18:12 PM
unlikely, it would have to smash through $90,

The exact exchange rate at which total dollar valuation (TDV) of $1 billion occurs will depend on which block # we are at when it happens.  Currently that exchange rate for the $1B threshold is $91.28, and that target will decrease by a little more than a dime every day.
1344  Bitcoin / Technical Support / Re: Assistance please regarding createrawtransaction on: March 27, 2013, 01:09:12 PM
The balance of the output being used is (at the time of writing this post) 5.40537687 according to this:

This wasn't your question but there is no "balance" for a transaction.  A transaction output is for a specific amount, period.  That amount is immutable -- it won't change.  Once the transaction is spent it will still be that same amount, it just will have been spent so some views of it might show a balance of 0, but the amount never changed.

My first concern before trying this is that I thought that Bitcoin-Qt represented balances internally as integers, so I'm not certain if I should use 5.40537687 for the "amount" or if I should use 540537687

The amount is decimal.

Here's an example.

But this is what Testnet is for!   (Or use a transaction with an amount small enough so an error isn't costly)

1345  Other / Beginners & Help / Re: Cash deposit on Bitfloor? on: March 27, 2013, 12:26:37 PM
my question is when i make the deposit how does bitfloor/localtill know the payment of 300 dollars came from my account, and not from someone else thats depositing 300 dollars elsewhere? because there is no where on the deposit slip that shows it came from my account.

Was it exactly $300.00 or was it something like $302.17.

Because this week, nobody else will be asked to deposit exactly $302.17.    Therefore, if there is a deposit for $302.17, this it was probably yours and will be credited to your BitFloor account.

Just make sure to deposit the exact amount on the slip.

1346  Economy / Economics / Re: Bitcoin Economy Value --> $519,555,304.09 on: March 27, 2013, 11:45:07 AM
Monetary base for Bitcoins is $10.9 million BTC.

That's the wrong currency symbol though.  Should be:
 Monetary base for Bitcoins is ฿10.9 million BTC 

(Or Ƀ10.9 million BTC, if you prefer Ƀ symbol, which is not used for any other currency like how the ฿ symbol is used for at least one other currency).
1347  Other / Beginners & Help / Re: another big sell-off this weekend? on: March 27, 2013, 11:27:29 AM
b) Banks shut from Friday to Monday so not much money coming in

That is only for ECB banks and a few other countries.  Nearly all banks in the U.S., Japan, etc. do not close for Easter.

But a four day weekend for these banks in the EU where much of the recent surge has apparently originated could be the removal of support that is helping to keep the exchange rate this high, and then a resulting drop from those looking to lock in their gains (as there's no guarantee there is a rebound after a selloff.)
1348  Bitcoin / Legal / Re: I just got off the phone with FinCEN on: March 27, 2013, 10:18:44 AM
as long as at least one of the parties involved in a currency exchange is licensed, then it is all good by FinCEN.

That's not their position at all.  It depends on the transaction.
1349  Bitcoin / Legal / Re: FinCen and MtGox on: March 27, 2013, 10:16:05 AM
since coinlab is registered they wouldn't be considered "a person"

Just because a company that has registered as a Money Service Business (MSB) doesn't make them no longer a "person" - which is defined here:

and therefore I am not a money services business or transmitter or exchanger or anything else if I use mt gox services, right?

If you serve as an agent of a money transmitter, then you don't need to register as an MSB yourself.

But Coinlab's customers aren't its agents.

If you are asking if you can use Coinlab to cash out your own coins without you having to register as a money service business then that is a different question.  FinCEN makes it clear that as a merchant you can receive bitcoins for goods and services and that you can spend those bitcoins for goods and services -- all without registering as a money service business.

But if you receive bitcoins and then convert those coins to dollars at an exchange, are you transmitting money?  I believe the answer is no if you are covered under the limitation for 31 CFR § 1010.100(ff)(5)(ii)(F):

(F) Accepts and transmits funds only integral to the sale of goods or the provision of services, other than money transmission services, by the person who is accepting and transmitting the funds.

So if you received the coins from the sale of goods and services and cash those out at an exchange and withdraw the funds to your own bank account, for instance, it appears then that you are not a money transmitter and don't need to register as an MSB.

Now if you received the coins from someone and converted those to cash and returned cash to that person, then that is a completely different transaction and if you would need to register as an MSB in that instance is a completely different question.
1350  Economy / Service Discussion / Re: List of services with shared wallets? on: March 27, 2013, 08:42:40 AM
ok but which one of them are widely used and require no or minimal registration?

You are possibly overlooking the question you should be asking.

Which ones can be trusted to hold your funds?

And the answer to that is, the ones whose identity is known, the ones who make use of cold storage -- preferably with the private keys protected using something like SSSS (Shamir's secret sharing scheme) stored in a bank vault, etc.

That narrows the list pretty significantly -- Coinlab/Mt.Gox (U.S.--soon), Bitcoin-Central/Paymium (France), ??

Now there are others that might qualify, such as Coinbase (U.S.), but they aren't shared wallets -- addresses in your wallet are not shared with other customers of that service.  And is a hybrid EWallet and addresses are not shared.

Also, two-factor authentication is an important criteria for an EWallet:

Which Two-factor authentication methods are available at which exchanges?
1351  Economy / Speculation / Re: The Weekend Dip Myth on: March 27, 2013, 07:24:03 AM
Needless to say, this weekend we are not in a downtrend [...], so there's no green light.

Having burst through the previous weekly high, Ditto.

What is interesting is that last weekend even without a green light, there was a dip -- from $74.90 to $52.35, a 30% dip from peak to bottom, but sure enough the exchange rate came right back up.

This weekend there is a unique situation.  It is a FOUR DAY weekend (i.e., banks closed) in the EU due to the Easter holiday:

Whether that is enough to trigger a dip I have no idea.   I only describe when there is a green light indicating when the Weekend Dip Strategy has historically resulting in profitable trades. This weekend there is no green light.
1352  Other / Off-topic / Re: The dictionary attack on: March 27, 2013, 07:01:28 AM
So i've been seeing Alot of "my mt.gox account was hacked" "my xbox account was hacked" "my facebook account has been hacked" Etc...

Fortunately there is also two-factor authentication, rendering dictionary attacks essentially worthless for compromising the login credentials.

Which Two-factor authentication methods are available at which exchanges?
1353  Bitcoin / Project Development / Re: Shouldnt we be funding/supporting a mesh network ? on: March 27, 2013, 03:44:21 AM
A small bitcoin node that doubles as its own mesh node.

Or a small mesh node that doubles as a bitcoin node:
1354  Bitcoin / Technical Support / Re: Mt.Gox import private key help on: March 27, 2013, 02:40:28 AM
Every private key I entered came up with the response that the wallet was empty and it might be a typo. Besides that message it seemed to have accepted the private key because if I tried to resubmit it would tell me it was already uploaded.

Out of curiosity, try sending a reasonable amount (e.g., 0.01 BTC or above) to an address that you have already imported to your Mt. Gox wallet.  If that gets swept but the "dust" doesn't then you have your answer.


From another thread:

18:02.47 ( @MagicalTux ) must have been some changes with the new version of bitcoin
18:04.19 ( @MagicalTux ) we have a project that will solve that, I guess I'll have to push it sooner than expected
18:04.59 ( kakobrekla ) any eta on when these get credited?
18:05.57 ( @MagicalTux ) I guess we have created the txs, but it's stuck in the transfer queue because bitcoind randomly refuses connections
1355  Bitcoin / Technical Support / Re: blockchain showing 27 Confirmations but no BTC? on: March 27, 2013, 02:12:27 AM
What happened? i never seen a transaction need more than 10 confs

What you are describing is a delay where a hosted (shared) EWallet is not crediting your account in a timely manner.  This is not a problem with bitcoin but instead a problem with that specific EWallet provider.

You should contact that specific EWallet provider to inquire why there is a delay.

1356  Bitcoin / Press / Re: 2013-03-26 - An Interview with Yifu Guo / Avalon ASIC on: March 26, 2013, 08:24:19 PM
Further discussion:

Interview with Yifu Guo from Avalon Asic
1357  Bitcoin / Press / 2013-03-26 - An Interview with Yifu Guo / Avalon ASIC on: March 26, 2013, 08:22:52 PM
Engineering the Bitcoin Gold Rush: An Interview with Yifu Guo, Creator of the First ASIC-Based Miner

by Alec Liu

And quietly in the background, a company called Avalon shipped the first ASIC-based bitcoin miners, custom-built rigs with specially-designed chips for efficiently printing the market’s hottest commodity, ushering in what can be considered the internet’s first gold rush. (Someone recently paid $20,000 for a $1,500 miner from batch two on eBay. At the time of this writing, another auction has a batch two Avalon miner going for over $19,000.)

After opening up its third batch of 600 miners for sale yesterday, customers from around the world from countries like Argentina, the UK, and even Egypt (although the majority of orders came from the big three of the U.S., Russia, and China) made sure Avalon’s units sold out in fifteen minutes. We had the chance to sit down with Avalon’s founder, Yifu Guo to talk bitcoin, mining, and the future.
If bitcoin is a $1 billion market, and it only takes less than $1 million to secure the network right now, that’s not a lot of money for someone to try and take over the mining scene. The faster the technology progresses, the more secure the network is, because it will be that much harder for a malevolent entity to mess with the system. We want to [improve performance ...] The sooner the better so we’ll never again have this scenario where one company like Avalon essentially controls more theoretical computing power than the entire network’s hash rate. This will never happen again.

1358  Bitcoin / Project Development / Re: - Crowdfunding for Bitcoin on: March 26, 2013, 03:58:18 PM
Would it help if the service allowed you to launch your project with your own BitCoin project address, rather than keeping the funds in escrow.  Then the issue of security is isolated to that user?  That has it's own issues, but perhaps in the beginning this would be the best approach?

One of the reasons Kickstarter is "all or nothing" (i.e., meet the target level or funds are returned to the contributor) is because the funds returned on projects that never reach the goal get funneled into the remaining ones giving those leaders a better chance of reaching their goal.

Occasionally a project that only gets partial funding can still become a successful project but other projects will fail unless the entire minimum level of funding is achieved.  Two successful, fully funded projects and twenty projects that never reached full funding is better than twenty-two partially funded projects, and all or nearly all failed.

So I don't think letting the project owner provide the bitcoin address is ideal either.

This is an example of where M of N signatures would come in useful.
1359  Economy / Economics / Re: The problem of a depreciating currency on: March 26, 2013, 12:54:02 PM
Why in the world would I, or any other sane person spend the coins, knowing that tomorrow, they will have greater value.

In the U.S. I can easily add USD funds to an exchange so that they are ready to be converted to BTCs at any time.   (E.g., sending funds using Mt. Gox using Dwolla, my costs are simply the $0.25 per-transaction fee.)

So I can replenish my stash of bitcoins at about the same time I make a purchase so that my net holdings (number of bitcoins) never decreases.

The reason I might do this is so that I can make purchases where Bitcoin's attributes as a payment network are superior.  For instance, my retailer may give me a discount when I purchase using bitcoins since there are no merchant payment network fees.  Or my supplier will only accept bitcoins due to it being a non-reversible payment method.  Or I wish to send internationally and the delays and/or fees are prohibitive.

Additionally, if I have all my savings in bitcoin, and I want to make a purchase, it costs me money to first convert those savings to fiat (e.g., USDs) and then to spend them.  So being able to spend them directly is advantageous.

The thing is though, it is all a moot point.

If there will be an economic decline because of Bitcoin, then there will be an economic decline because of Bitcoin.  Even if I am told that using bitcoins will cause some economic deflationary spiral, I will still listen to my personal ambition to acquire and use bitcoins versus to avoid them as the result of this prediction of doom.  After a whole bunch of decades watching our currency get devalued to protect us from negative economic cycles, the market is now making the decision to use a different currency -- one that doesn't get devalued.  Like it or not, that's what is happening.
1360  Other / Beginners & Help / Re: What BTC to USD or GBP price sources are most popular with the community here? on: March 26, 2013, 12:04:10 PM
I've looked at one but may want to make a tool that feeds the data in to my mobile and would be great to even see someone else already API'ed or at least see some options.

BTC/USD at Mt . Gox then converted using GBP/USD from (? source).
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